To be fair, Obama was talking about his hypothetical (and never enacted) cap and trade plan, and I think he was talking about electricity, not oil. See http://www.realclearpolitics.com/video/2009/06/27/flashback_obama_says_cap_and_trade_makes_electricity_rates_skyrocket.html
The current run-up in oil prices has a combination of causes, which include war in the middle east, speculation, cheap dollars, and reduced exploration due to Obama environmental policy.
